v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following tables provides information by level for the Company’s assets that were measured at fair value on a recurring basis (in thousands):
June 30, 2026
Level 1Level 2Total
Assets
Cash and cash equivalents:
Money market funds$68,769 $— $68,769 
Short-term investments:
Commercial paper— 97,929 97,929 
Corporate debt securities— 71,393 71,393 
Total short-term investments— 169,322 169,322 
Total financial assets$68,769 $169,322 $238,091 
December 31, 2025
Level 1Level 2Total
Assets
Cash and cash equivalents:
Money market funds$54,475 $— $54,475 
Short-term investments:
Commercial paper— 68,326 68,326 
Corporate debt securities— 72,846 72,846 
Total short-term investments— 141,172 141,172 
Total financial assets$54,475 $141,172 $195,647 
Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.
The value of securities included in Level 2 are based on other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
The value and changes in Level 3 liabilities measured at fair value on a recurring basis are immaterial.
Non-Recurring Fair Value Measurements
The Company has certain assets, including intangible assets, which are measured at fair value on a non-recurring basis and are adjusted to fair value only if an impairment charge is recognized. The categorization of the framework used to measure fair value of the assets is considered to be within the Level 3 valuation hierarchy due to the subjective nature of the unobservable inputs used.
Disclosure of Fair Values
The Company’s financial instruments that are not re-measured at fair value include accounts receivable, accounts payable, accrued and other current liabilities. The carrying values of these financial instruments approximate their fair values. Unrealized gains and losses on the Company’s short-term investments were not significant as of June 30, 2026 and December 31, 2025, and therefore, the amortized cost of the Company’s short-term investments approximated its fair value.